Sprive raises $10M Series A for its mortgage overpayment app
The UK fintech turns everyday shopping rewards into mortgage principal payments, while a mortgage-switching panel helps homeowners compare ways to lower borrowing costs.
Small rewards, directed at the loan
Sprive links a homeowner’s mortgage to an app that routes cashback from digital shopping cards toward the loan. Users can set limits for automatic contributions, track progress against lender rules and apply the balance as an overpayment, making principal reduction part of a routine purchase rather than a separate savings decision.
The app also surfaces mortgage-switching options through a panel of providers. Together, the payment and comparison tools connect two moments when homeowners can act on borrowing costs: while managing the existing loan and when looking for a better deal.
A growing base for the model
Finextra reported 567,000 registered users, about £42 billion of mortgages supported and that Sprive had turned cash-flow positive. The Series A gives the company room to push customer acquisition and revenue growth around a product already operating at meaningful scale.
Use of funds
Increase marketing and accelerate customer acquisition and revenue growth